A fairly soft downward signal from the MACD has been in place since the end of last year but as you can see the study is very flat, hence the overall sideways move.
This latest move has actually seen the fast line turn up slightly but the study is so flat this broad sideways movement with a slightly firmer bias is likely to continue.
One more encouraging sign is the Momentum study which is turning up slightly. However, it would be better if this was accompanied by a pick up in overall volume.
The index is also obviously finding some support from the old 61.8 pct Fibonacci retracement level, as you can clearly see on the top chart, every time it corrects back.
You can also see how the rally has slowed as the volume tailed off since the turn in Q1 last year.
I have changed the Relative Performance chart to start at the beginning of this year. India continues to outperform the performance of global stocks.
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